Penumbra shares rise on whopping Q4, FY2016 earnings beat

Shares in Penumbra (NYSE:PEN) have soared today after the medical device maker topped expectations on Wall Street with its 4th quarter and fiscal year 2016 earnings results.

The Alameda, Calif.-based company posted losses of $2.4 million, or 8¢ per share, on sales of $73.1 million for the 3 months ended Dec. 31, with the bottom-line swinging into the red from profits of $1.6 million last Q4 while sales grew 34.3%.

Earnings per share came in just ahead of consensus on The Street, where analysts were looking for revenue of $67.5 million.

For the full year, Penumbra posted profits of $14.8 million, or 44¢ per share, on sales of $263.3 million, for massive bottom-line growth of 526% while sales grew 41.5% compared with the previous fiscal year.

Earnings per share significantly topped expectations on Wall Street, where analysts expected to see losses per share of 10¢ and revenue of $257.6 million.

“We are extremely proud of our accomplishments in the fourth quarter and full year 2016. Both our Neuro and Peripheral Vascular businesses saw strong growth driven by several important product and geographic launches, as well as an uncharacteristically strong December. Tens of thousands of patients were treated with our products in 2016, and for that we are particularly proud. We also made significant strategic strides to position ourselves to treat multiple times that number of patients in the future,” prez & CEO Adam Elsesser said in a prepared statement.

The company released limited guidance for the upcoming year, expecting to see revenue in 2017 of between $312 million and $317 million.

Shares in Penumbra have responded positively to the to the news, up 7.3% to trade at $82.40 as of 1:50 p.m. EST.

The post Penumbra shares rise on whopping Q4, FY2016 earnings beat appeared first on MassDevice.

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